Phase out limits for Adoption credit Qualified expenses generally include adoption fees, court costs, attorney fees, and travel expenses that are reasonable, necessary and directly related to the child’s adoption, and they may be for both domestic and foreign adoptions; however, expenses related to adopting a spouse’s child are not eligible for this credit. When [...]

Taxes on Investments in India- FD, Mutual Funds, Equity/Stocks, Real Estate, etc. Irrespective of which country you travel to, there is something that one must always be cognizant of, taxes. And things can get a bit tricky since you might have to pay taxes at both the places, the current country of residence as well as [...]

Tax Liability for NRI’s residing in the US for sending money to India A better working opportunity or an opportunity to secure a better future for yourself and your family or better earnings are some of the most common reasons for people to seek jobs abroad. It is only but natural that one would want [...]

Under what circumstances is it compulsory for an NRI to file his taxes? It is a common understanding that anyone who has a source of income in India and falls into the tax brackets must pay income taxes. But not many are aware of the fact that even NRIs might have to pay taxes for [...]

Tax implications for your Indian Properties The real estate market has always been one of the most lucrative ones for investment. This applies to residents of India as well as non-resident Indians. However, there is a small aspect that not many are aware of or pay a lot of importance to, taxation. If you are [...]

Can an NRI continue his PPF? One of the most common forms of investments for Indians is PPF. It is secured, and you know the exact returns on its maturity. Its long-term perspective also works well with a lot of investors. PPF is majorly risk-free and is tax-free as well, which attracts a lot of [...]

All you need to know about PFIC reporting - Form 8621 For any US resident paying taxes and keeping a track of the same is as important a duty as any other. Being on the top of your taxes will not you to plan and sort things out well in advance. On the other hand, [...]

Don't Forget These 6 Steps While Filing Your US Taxes in FY 2018 On paper,the filing of taxes just limited to one day. However, in most probability, it takes much more efforts. Sometimes, even an entire year’s planning, if you wish to be on the top of taxes. Whether you are filing taxes for the [...]

Last Minute Tax Tips Before Deadline Procrastination of tax returns is not a unique phenomenon. In fact, a lot of tax payers file their tax returns in the last two weeks before the deadline. Filing tax returns earlier than the deadlines is better as you are not rushed and chances of making mistakes is also [...]

Owe Taxes? These Tips Can Help A few of us receive an intimation letter from the IRS stating that we owe them some money in the form of taxes. Sure enough, nobody likes to receive such emails. However, if you do here are some ways you can handle the situation without losing your sleep. Do [...]